BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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According to Fred R. David, a mission statement is more than a statement of purpose. It is ____ (choose 3)
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A declaration of attitude and outlook
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A declaration of customer orientation
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A declaration of social policy and responsibility
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A declaration of competitive advantage
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Explanation:
Detailed explanation-1: -According to Fred David’s strategic model, strategic management process comprises three stages, namely, strategy formulation, strategy implementation and strategy evaluation ( Figure 1). It drives all the activities of an organization.
Detailed explanation-2: -According to Fred David, Strategic Management can be defined as the art and science of analysing, formulating, implementing and evaluating any cross-functional decisions that enable an organisation to achieve its objectives. It is all about achieving and maintaining competitive advantage.
Detailed explanation-3: -There are many benefits of strategic management and they include identification, prioritization, and exploration of opportunities.
There is 1 question to complete.